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Frequently Asked Questions

Likely the largest debt you'll ever take on, a mortgage is a loan to finance the purchase of your home.
Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years. To repay the debt, you make monthly payments that typically include the principal, interest, and taxes.

Mortgage Home Loans

In most cases real estate taxes are added into the monthly payment and held in escrow, then in late December you are mailed a check to pay your taxes.

If your mortgage loan is set up with an escrow account, North Shore Bank will obtain the property tax bill from the government. If your loan is approved with you paying the taxes yourself, you will need to provide a copy of the paid tax bill annually to us.

You may change insurance companies but you will need to let us know anytime changes are made to the insurance coverage. Before you make any changes please contact Customer Support at 877-672-2265 to see if there are any restrictions or limitations.

Your mortgage agreement requires that in addition to notifying your insurer, you also notify the bank. Please contact our Mortgage Servicing Group at 877-672-2265 when you receive the proof of loss from your insurance carrier. Because your property is the collateral for your loan, we may need to inspect the damage and the repairs when they are completed.

The specific cost of a mortgage refinance will vary by loan type. A mortgage often involves fees, such as the appraisal fee, title charges, credit bureau costs, closing fees, and state or local taxes. These fees vary from loan type.

Learn about our mortgage home loans.

Contact one of our knowledgeable mortgage lending experts to get a personalized quote.

The specific amount of your closing costs will vary, there are a few reasons why:
A home loan often involves fees, such as the appraisal fee, title charges, credit bureau costs, closing fees, and state or local taxes. These fees vary from loan type.

Contact one of our knowledgeable mortgage lending experts to get a personalized quote.

You may view our interest rates at any time. You can also set up a rate alert to be notified when mortgage rates change.

Mortgage Home Loans

A mortgage note (also known as a real estate lien note) is a promissory note associated with a specified mortgage loan; it is a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.

Mortgage Home Loans

North Shore Bank offers FHA and VA loans in the state of Wisconsin and Illinois.

Mortgage Home Loans


Yes, we offer first-time home buyers programs. The first step is to start an online application that will ask you questions about your home and finances. After completing your application, a Loan Officer will contact you and will provide you with the assistance you need to find the best loan option for you. Your Loan Officer will be available to you at every stage of this process.

Mortgage Home Loans

All loans in excess of 80% loan-to-value will require an escrow account be established.

Loan amounts with a loan-to-value greater than 80 % require an escrow account for the payment of real estate taxes and insurance. Borrowers with a loan-to-value less than 80% may request to waive the escrow account requirement and pay these items themselves with the lenders approval.

It is possible if the loan requested is a refinance and there is sufficient equity to meet the loan-to-value (LTV) ratio requirements.

Yes, all properties secured by a mortgage require proof of homeowners insurance. If your property is located in a flood zone, we will require proof of flood insurance coverage.

An escrow account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due. Lenders usually require escrow payments every month to ensure that they have enough to pay the insurance and taxes for you.

Freddie Mac is a public government-sponsored enterprise that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.

The Truth in Lending Act (TILA) of 1968 is a United States Federal Law designed to protect Consumers in credit by requiring clear key terms of the arrangement and all costs. The sole purpose is to promote the informed use of credit by requiring disclosures about terms and costs to the consumer.

Your payments are credited when your transaction is recorded by the bank - usually the same day the payment is received. We are unable to consider a payment deposited in our night depository as received until it is actually posted to your account. Likewise, a postmark date is not considered to be the date of receipt. Payments received 15 days after the due date are subject to late fees in accordance with your mortgage agreement.

Your mortgage agreement requires that you make full monthly payments. Therefore, any amount less than the current month's full payment will be placed in an Unapplied Payment Account and held until there are enough funds to pay the mortgage payment and late fee, if applicable.

A partial payment could cause your mortgage account to be considered delinquent and therefore subject to late fees.

An escrow analysis, performed annually, ensures that the sum of your monthly escrow payments is sufficient to cover all items that are to be paid from your escrow account such as real estate taxes and home insurance. The analysis shows if your escrow account has funds left over or is short of funds after all disbursements are made. If taxes or insurance rates have risen during the year, your monthly escrow amount will rise as well. If they have dropped, your escrow payment may decrease.

Because escrow analysis usually is done in February, any escrow payment changes likely would take effect with your April payment.

Escrow shortages are collected over the next year. One-twelfth of the shortage will be collected each month, most likely beginning in April.

If the overage amount is equal to or greater than $20 and your loan is current, a check for the refund will be forwarded to you within 30 days of the escrow analysis. If the overage is less than $20, it will remain in your escrow account.

If the repairs have been completed, the bank may need to make an inspection to confirm that the repairs have been completed before releasing the check. In addition, we will need to be supplied with the insurance company's proof of loss, if not previously sent, and contractors' lien waivers, if applicable. If this happens to you, please contact Mortgage services.

There could be several reasons. There may be no funds currently available in your account or one of the accounts involved could be a passbook savings account, which does not permit such transactions.

Still have questions?
Contact us with additional questions: Email | 877-672-2265